Bulls may have reigned supreme over Techland today, with the
Nasdaq breaking a
new resistance level at 2250. Nevertheless, the scene changed in tonight's extended session, as after-the-bell news knocked certain tech outfits into negative territory.
Tonight's volume was healthy, with many stocks in the telecom and chip sectors taking it on the chin.
was mired in red after the San Jose, Calif., company said its president and chief executive officer Vivek Ragavan had resigned to pursue other activities. Shares of the company, which like other telecom equipment makers has been hit squarely by a tech spending crunch, lately fell 5.8% to $17.90 on
down from a close of $19.00 in regular trading on the Comp. On
ECN, they lost 5.3% to $18.00.
Redback's rival, tech bellwether
, was dragged lower by 0.2% to $22.82 on Instinet and 0.1% to $22.85 on Island, despite its stellar gain of about 13% to $22.87 in regular trading. The networker was one of the most heavily traded stocks in today's tech rally. Fellow high-speed router
nevertheless managed to climb 0.1% to $56.60 on Island.
Profit worries also came back to haunt investors, with shares of
Chartered Semiconductor Manufacturing
, a chip maker that's majority-owned by the Singapore government, falling after the company slashed its second-quarter revenue and earnings guidance, citing the mantra of weaker-than-expected economic conditions. The shares lately lost 2.7% to $31.85 on Instinet. Chip leader
was lately off 0.3% to $29.80 on Island, and dipped 0.2% to $29.84 on Instinet.
Also making the late news wires was
, the number-two U.S. direct broadcast satellite company, which tumbled 6.8% to $34.10 on Instinet after the company said it plans to sell $1 billion of convertible notes, which can be converted into EchoStar common shares, in order to raise money,
Indeed, investors tonight seem tired of bullishness.
, which posted its first-quarter earnings last week, was trading in the red tonight. Investors were also selling off big-tech names like
But gaining ground was media neworker
, which signed a partnership with online ad firm
to provide streaming advertising to high-speed music and news sites, as well as online radio stations. Shares of iBeam, which are dragging below $1, lately rose 11.1% to $0.40 as the most heavily traded stock on Island.
And high fives for
, which kept its upward momentum, recently gaining 0.3% to $5.96 on Instinet and up 0.8% to $5.99 on Island.
upgraded the company to strong buy earlier today.
Among other notable tech gains tonight,
, a Dutch semiconductor equipment maker, traded up 0.3% to $27.20, while
climbed 0.2% to $68.95 on Instinet, after closing at $68.70 on the Comp.
Island ECN offers trading mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EST.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.